Saturday, June 5, 2010

FYI: CSBS/AARMR Issue 2009 NMLS Report

According to the attached 2009 annual report, forty-eight states and territories are now using the Nationwide Mortgage Licensing System and Registry and all states are expected to be using the system by the end of 2010.
As you recall, the NMLS meets the requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 for state-licensed mortgage loan originators in the areas of education, testing, integrity, and financial responsibility.
Some highlights from the system’s 2009 annual report include:  (1) NMLS management of 106,537 unique companies, branches and mortgage loan originators that held 134,731 state licenses;  (2) collection and disbursement of more than $33 million in state license fees;  (3) adoption of enabling legislation by 49 states, the District of Columbia and the Virgin Islands;  (4) delivery of more than 420,000 hours of education through 152 approved course providers and 248 approved courses. For the future, the system will be working with federal banking and farm credit regulators to register mortgage loan originators; and expand and improve its functions, operations and services. 
Let me know if you have any questions.  Thanks.


Ralph T. Wutscher

Kahrl Wutscher LLP

The Loop Center Building

105 W. Madison Street, Suite 2100
Chicago, Illinois  60602
Direct:  (312) 551-9320 

Fax:  (866) 581-9302
Mobile:  (312) 493-0874


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